27% of Bybit Hacked Funds Have ‘Gone Dark’ After Flowing Through Mixers and Bridges, According to CEO Ben Zhou

More than 27% of the roughly $1.4 billion worth of crypto stolen from Bybit earlier this year has “gone dark,” according to the digital asset exchange’s chief executive.

Ben Zhao notes in a new update on the social media platform X that 68.57% of the hacked funds remain traceable and 3.84% have been frozen.

Hackers looted Bybit in February for nearly $1.5 billion worth of Ethereum ( ETH ) and Lido Staked Ether ( stETH ), representing the largest crypto theft ever and possibly the biggest heist in world history.

The blockchain research firm Elliptic, pseudonymous on-chain investigator ZachXBT  and other researchers pinned the exploit on the Lazarus Group, a prolific North Korean cybercriminal outfit known for numerous high-profile hacks on major crypto platforms.

Zhao says the North Korean hackers have used crypto mixers and bridges to hide the stolen funds.

“After a certain amount of BTC was washed through Wasabi, a small portion of it entered CryptoMixer, Tornado Cash and Railgun. Then, multiple cross-chain and swap services were carried out through platforms such as Thorchain, eXch, Lombard, LiFi, Stargate, and SunSwap. Eventually, it entered OTC (over-the-counter) or P2P (peer-to-peer) fiat currency exchange services.”

One of the exchanges he mentioned, eXch, announced last week that it plans to close its doors in May after facing crypto-laundering allegations.

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